Companies in Norfund’s investment portfolio paid NOK 2.7 billion in taxes to local authorities in 2010. The amount is not weighted according to Norfund’s ownership shares in the companies, and it excludes any income tax paid by the companies’ employees. By way of comparison, the total tax contribution was NOK 4.2 billions in 2009. The reduction is mainly due to the fact that Norfund exited our investment in GrameenPhone, which, by far, was the largest taxpayer in Norfund’s portfolio in 2010. If corporate tax from Norfund’s direct equity investments were considered separately, Norfund’s weighted share according to its holding is NOK 36 million. This relatively low amount is a consequence of the fact that the highest taxpayers in Norfund’s portfolio are not equity investments, but rather loan engagements, and are therefore not included in the weighted figure. Moreover, many of the equity investments are in early-phase companies with no accounting profits.


Tax contribution from Norfund's investment portfolio